BENGALURU, March 29 (Reuters) - India's Zee

Entertainment on Friday said it has reduced the

workforce at its Technology & Innovation Centre in Bengaluru by

about half, following recommendations by a company-formed review

panel to cut costs.

The decision was made by the managing director and chief

executive officer Punit Goenka, the company said.

The committee, comprising company chairman R. Gopalan and

audit committee chairman Prakash Agarwal, had suggested that Zee

should substantially reduce losses in its businesses, including

its English-language TV channels, and cut costs in other areas

to meet a key profit target, the broadcaster said on Tuesday.

The committee had also advised halving the costs at Zee's

technology and innovation centre in fiscal 2025, from the 6

billion rupees ($72 million) a year back, the company added.

Zee, besides being locked in legal battles over the failed

Sony and cricket deals, has to also contend with new competition

after Disney ( DIS ) and Reliance merged their Indian

media assets to create an $8.5 billion media behemoth.

($1 = 83.3410 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Ros

Russell)